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Dax Inc., operating as Club Dax at 3013 NW 63rd Street and which shared ownership with the bankrupt Vulcan Oil and Gas Corp., Monday filed for reorganization under Chapter 11 of the Federal Bankruptcy Code, court records show.
Dax listed in its bankruptcy filing debts of $72,872 to its 10 largest unsecured creditors, but did not list its secured creditors, other unsecured creditors or assets. A Chapter 11 filing seeks court protection from creditors while the company tries to reorganize and eventually pay its debts in full.
The company, which has J. Rod Fancher as president, said in its filing that it "is unable to pay its debts as they become due." Dax has as vice president James H. Thomas and as acting secretary Thomas R. Cook.
Fancher, Thomas and Cook are officers of Vulcan which filed for Chapter 11 bankruptcy last September. Records filed at bankruptcy court show Vulcan officers transferred 12 checks totaling $250,000 from Vulcan's account to Dax.
Dax's bankruptcy filing lists its 10 top unsecured creditors as William E. Davis, $51,000; Oklahoma Gas and Electric, $8,165; Cisco Mid-Central, $3,451; Beatrice Foods, $2,296; Control Technology Inc., $2,000 and Consumers IGA, $889; Semco Color, $824; Consolidated Wholesale, $643, and Economic Laboratories, $377. All of the listed creditors are Oklahoma City firms except for Beatrice Foods and Economic Laboratories.
The case will be heard before Judge Richard Bohanon. BIOG: NAME:
Archive ID: 101809